Bitfinex Alpha report reveals Bitcoin surged beyond the $94,000-$95,000 resistance, reaching a 2-month high of $97,850 on January 14, driven by strong spot demand and a short squeeze. The market structure has improved with reduced leverage pressure as long-term holders slow their selling pace significantly, despite still being net sellers. Continued spot demand and seasonal factors could support further absorption of supply, potentially paving the way for a sustained rally and retesting all-time highs if selling pressure from long-term holders eases further.

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